BankiFi partners with Axiom Bank for improved SMB offering

Embedded banking solutions provider BankiFi has teamed up with Florida’s Axiom Bank to “make banking better” for small and medium-sized businesses (SMBs) in the US.

Axiom Bank partners with BankiFi

Axiom Bank is BankiFi’s first client in North America since it launched US operations in July.

The bank will offer improved business finance tracking and management to its SMB customers via BankiFi’s embedding banking services, while attracting more SMBs across the country.

BankiFi says its Open Cash Management platform can be integrated with major accounting software in the US, including QuickBooks and Xero. The solution enables collection, matching and reconciliation of invoice payments submitted through various payment networks “in a quick and efficient manner”. It also offers automation of data integration and business insights.

“Many SMBs across the US are struggling right now and need help to keep their heads above water. And many banks are unable to offer this support effectively, having seen their role in the financial ecosystem diminished in recent times,” says Mike Coyne, chief information officer (CIO) at Axiom Bank.

“As such, there’s now a real need to put banks back at the heart of business, and to do this, we need to offer SMB owners the services that make a real difference in their lives.”

Founded in 2018 and based in the UK, BankiFi says it’s on a mission to help more than two million SMEs in the world by 2024 through partnerships with financial institutions. It recently appointed a new CTO, and raised nearly $5 million in funding.